Plans by the South Korean government to tighten anti-money laundering controls at casinos have sparked strong opposition among residents in Jeongseon County, home to Kangwon Land—the country’s sole casino open to local citizens. The proposed mandate requiring identity verification and transaction logging for all chip purchases and redemptions has stirred widespread fears of falling visitor numbers and gaming revenues, threatening crucial financial support for the former mining community.
According to South Korean media reports, the Korea Financial Intelligence Unit, an agency under the Financial Services Commission, is considering amendments to the Specific Financial Transaction Information Act. The proposed revision aims to eliminate the current transaction threshold, requiring casinos to log detailed customer information—including full names, resident registration numbers, addresses, telephone numbers, and email addresses—whenever chips are bought or exchanged for cash.
A public relations representative from Kangwon Land previously told Allin that the casino currently logs customer identity and transaction details only when transactions exceed KRW 3 million (approximately HKD 17,485).
According to media reports, authorities are pushing for the amendment primarily to bolster anti-money laundering and counter financing of terrorism, enhancing the tracking of casino fund flows by expanding customer due diligence and transaction record management.
However, internal projections by Kangwon Land indicate that mandatory identity checks for all patrons could deter casual tourists and recreational guests concerned about personal data privacy. Kangwon Land estimates that the new regulations could reduce its gaming revenue by up to 25% or more. Based on last year’s total gross revenue of KRW 1.2912 trillion (approx. HKD 7.525 billion), annual revenue could drop by around KRW 300 billion (approx. HKD 1.749 billion), leading to a combined reduction of approximately KRW 180 billion (approx. HKD 1.049 billion) in public fund contributions and dividends.
On 10 September, approximately 500 local residents gathered in Jeongseon County, where Kangwon Land is located, to protest the proposed amendments. Key figures attended the rally, including Kim Do-gyun, Chairman of Kangwon Land, and Choi Seung-jun, Governor of Jeongseon County, demanding that the government withdraw the proposal to expand mandatory customer identification.
Protesters stated at the rally that while they acknowledge the regulatory rationale behind combating money laundering, Kangwon Land is not a standard commercial casino, but a special public entity established to revitalize the region’s post-coal mining economy. They warned that if the new regulations lead to a decline in casino revenues, the repercussions could ripple through to the Mining Regional Development Fund contributed annually by Kangwon Land, dividends paid to local governments, as well as local employment and commercial activities.
Community groups further highlighted that the national government has derived substantial tax revenues and fund contributions from Kangwon Land over the years, while local residents have borne the social costs and regulatory burdens associated with the gaming industry. Urging the government not to undermine Kangwon Land’s competitiveness with excessive regulation, civic leaders called for long-term policies to support its transformation into an integrated resort capable of driving sustainable regional growth.
If the proposed amendments to the Specific Financial Transaction Information Act， the resulting revenue loss at Kangwon Land is expected to deliver a significant economic blow to the local economy of Jeongseon County.
